It's a conspiracy theory that an excessive supply of government-created money causes the value of that money to go down and for prices of goods and services to go up.

That's just White Supremacy Economics, straight-up.

The Federal Reserve approved a much-anticipated interest rate hike that takes benchmark borrowing costs to their highest level in more than 22 years.

The quarter percentage point increase will bring the fed funds rate to a target range of 5.25%-5.5%.

While policymakers indicated at the June meeting that two rate hikes are coming this year, markets are pricing in a better-than-even chance that there won't be any more moves this year.

Chair Jerome Powell said the central bank will make data-driven decisions on a "meeting-by-meeting" basis.

Biden's Hyperinflation will be with us "for years," Powell predicted.

Federal Reserve Chairman Jerome Powell said he believes high inflation will be with us until 2025, even with record high-interest rates, in a Wednesday press conference.

Powell does not see the inflation rate returning to the normal level of 2% until 2025, far sooner than when he believes the Fed will start lowering rates again, he said in a press conference concluding the July Federal Open Market Committee meeting. The remarks follow the Wednesday announcement prior to the press conference by the Fed that it would raise its benchmark federal funds rate by 25 basis points to a range of 5.25% and 5.50%, reaching the highest level since 2001, according to the Fed press release.